Pakistan Ranks As 'the Cheapest Country To Live In'
Sumaira FH 2 months ago Sat 31st July 2021 | 11:01 PM
Pakistan has been ranked as 'the cheapest country in the world to live in' with a cost of living index showing 18.58, followed by Afghanistan 24.51, India 25.14 and Syria 25.31
ISLAMABAD, (UrduPoint / Pakistan Point News - 31st Jul, 2021 ) :Pakistan has been ranked as 'the cheapest country in the world to live in' with a cost of living index showing 18.58, followed by Afghanistan 24.51, India 25.14 and Syria 25.31.
According to cost of living index by Go Banking Rates Company, Pakistan is the cheapest country to live in, with a cost of living index of 18.58. This is followed by Afghanistan 24.51, India 25.14, and Syria 25.31.
Several organizations have used statistics to determine the cheapest countries to live in. One of these companies is GoBankingRates and the company uses four metrics to determine which countries are the most affordable.
The metrics used include rent index, local purchasing power index, consumer price index, groceries index and information compiled is compared to the cost of living in New York City, one of the most expensive cities in the world.
Contrary to it, worldwide, the prices of daily commodities spiraled impacting the most thriving economies of the world amidst coronavirus pandemic which resulted in tumbling down of income per capita and steep rise in the daily inflation.
According to US Department of Agriculture's latest report, the global food supplies are expected to grow in 2021-22 and so the prices of daily commodities, driven by strong demand and supply shortfalls.
The FAO's food price index, measured monthly changes for a basket of cereals, oilseeds, dairy products, meat and sugar.
According to it, the vegetable oil price index jumped due to rising palm, soy and rapeseed oil quotations. Palm oil prices were boosted by slow production growth in southeast Asia, while prospects of robust global demand, especially from the biodiesel sector, drove up soyoil prices.
The FAO also noted similar rising trends in the prices of almost major edible items on monthly basis as the world was still reeling under the impacts of Covid 19.
The GoBankingRatesCompany On index further said on the opposite end, the most expensive countries to live in are the Cayman Islands 141.64, Bermuda 138.22, Switzerland 122.67, and Norway 104.49. All four of these countries have a higher cost of living than New York City.
Some countries have a very high cost of living, particularly in areas surrounding large cities as in the United States, cities like New York and San Francisco have a very high cost of living. On the flip side, some nations have a very low cost of living, so many people are packing their belongings to move to these countries.